SEOUL, Dec. 7. (Korea Bizwire) — The financial regulator has eased a rule that will allow financial firms to use personal credit information through a cloud computing service from next year, officials said Friday.
So far, financial firms have been allowed to use cloud computing services on businesses that are not related to customers’ information due to privacy concerns.
The eased rule, which will go into effect from Jan. 1 next year, enables financial firms to collect and store personal credit information on their customers via a cloud computing service, according to the Financial Services Commission (FSC).
Also, it calls for financial firms to step up efforts to better protect customers’ privacy online, the FSC said.
The eased rule is expected to help financial technology firms gain more access to cloud computing services in the financial industry, the FSC said.
Currently, most financial firms use cloud computing services for their internal management affairs and investment analysis.
At the end of March this year, 37 financial firms used 73 cloud computing services, according to the FSC.